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Athabasca Oil stock
Athabasca Oil (TSX:ATH) is another attractive energy stock you may want to buy right now and hold for the long term. This company, with a market cap of $2.9 billion, primarily focuses on the development of thermal and light oil assets. In 2024 so far, ATH stock has risen 24.5% to currently trade at $5.19 per share, extending its three-year rally to an eye-popping 980%.
In 2023, Athabasca’s average production of 34,490 barrels of oil equivalent per day fell slightly on a YoY basis but still met its guidance. As a result, the company generated $306 million in cash flow from operating activities and a free cash flow of $155 million. Interestingly, Athabasca plans to return 100% of this free cash flow to shareholders through share buybacks in the ongoing year.
Besides its commitment to capital return strategies, 1.2 billion barrels of proved plus probable reserves and significant development projects underway strengthen Athabasca’s growth outlook. These are some of the key reasons that could keep the ongoing positive momentum in this TSX energy stock intact in the coming years.